Arizona Licenses 17 Captive Insurance Companies in 2023

Arizona licensed 17 new captive insurance companies in 2023, up from 14 in 2022, bringing the state's total captive count to 176. Included in its total captive count are five protected cell captive insurers.

In addition, Arizona captives' gross written premiums exceeded $10 billion in 2023.

"Arizona's advantages include no premium tax and a statutory structure enabling formation of many different types of captive insurance companies, including Risk Retention Groups. Arizona has long had an environment in which its captive regulators will review inquiries from the captive industry to determine support under our captive insurance statutes.  It is this demeanor that makes Arizona a pro-business environment," said Victoria E. Fimea, chief captive analyst for the Arizona Department of Insurance and Financial Institutions in Phoenix.